Beware needless fees in collecting unclaimed money

Watch out for companies who charge to get it back

June 3, 2011|Daniel Vasquez, Sun Sentinel

Do you believe the state owes you money? Florida holds more than $1 billion in unclaimed money and property from forgotten bank accounts, life insurance policies and safe deposit boxes just waiting to be claimed.

But if you're one of the thousands of Floridians who have a claim, there are a few things you should know about businesses that may attempt to charge you money to collect what's coming to you. Number 1: You don't need anyone's help to make your claim; it costs nothing to collect from the state.

The state's Bureau of Unclaimed Property is the depository for potentially hundreds of thousands of current and former residents' belongings. The items have accumulated through the years from dormant accounts once held by banks and savings and loans, insurance and utility companies, securities and trust holdings, and other sources.

The property can be cash, jewelry, stamps and the physical assets of abandoned safe deposit boxes, any of which may have belonged to you at one time — or to a parent or relative — that now can be claimed by you.

To get it back, check Florida's unclaimed property database at http://www.fltreasurehunt.org. If your name pops up, all you have to do is fill out a form, answer questions and provide proof of your identity and claim. The process can be fast, easy and cost-free. But don't be surprised if someone reaches out to you claiming they can get you those treasures for a fee.

Audrey Esterline recently found out how easy it is to be solicited by a company claiming they have proof you have unclaimed property coming to you — and to get it all you have do is hand over a credit card number.

"I heard about the unclaimed property thing and thought 'What the heck,' maybe some of it is mine," Esterline said. Her husband passed away recently, and prior to that they ran a small business for about 16 years out of Pompano Beach. "I thought there could be money he forgot about or that we left behind from the business from overpaid taxes, or whatever."

But when she used the search engine Bing to find the state database, she ended up clicking on a Website of a third-party company. Thinking it was a state agency, she called the firm and asked for help.

"I should have known something was wrong when they said it would cost me $9.74, [and] asked for my credit card company," Esterline said. "I hate to say I was the dummy, but I fell for it, I gave them my card information."

Once she did that, the company tried to sell her additional services but hung up after Esterline made it clear she wasn't going to pay for anything beyond the charge she had already agreed to pay.

Afraid the company may charge her card for other services, Esterline did the right thing and contacted her bank immediately, closed the card and had a new one issued. "This was a hard lesson for me, but it could happen to anybody."

State officials agree.

"If a person searches 'unclaimed assets' or something similar online, they will most surely get thousands of hits for all sorts of sites, almost all of which are varying degrees of someone trying to take advantage of people," said Alexi A. Lambert said.

Lambert said it is not illegal for companies to provide services to collect unclaimed money or property for state residents, but they must be professionally licensed by the State of Florida and registered with the Bureau of Unclaimed Property.

Keep in mind the only professional who qualify for registration are Florida-licensed private investigators, certified public accountants and attorneys.

What else you should know:

To view a list of professionals registered with the bureau, go to http://www.fltreasurehunt.org/ControlServlet or call 888-258-2253 or 850-413-5555.

If you want to check the database yourself or make a claim, go directly to the official Florida website at http://www.fltreasurehunt.org. You can also check your name via the Sun Sentinel at SunSentinel.com/unclaimed. The Florida website also has a link to other states' unclaimed property programs.

You could receive a letter in the mail from the bureau itself informing you that you have property or cash coming to you. It will be addressed from the Florida Chief Financial Officer, Jeff Atwater, and will include a claim form, which will request particular documentation to be used as proof the property belongs to you and your identity. No fee will be requested.

If you go through a licensed professional registered with the bureau, keep in mind that fees by law are limited to 20 percent of the value of the claim, up to a maximum of $1,000 per account.